Local gasoline prices have dropped by nearly 100 won per liter so far this month due to the expanded fuel tax cut and a drop in global prices.

According to oil price portal Opinet run by the Korea National Oil Corporation, the average price of gasoline sold at pumps nationwide fell more than 36 won to two-thousand-80-point-seven won per liter in the second week of July.

Gas prices rose for eight weeks from early May but have declined in the last two weeks following a 37 percent fuel tax cut introduced this month and a downward trend in global oil prices.

As of 5 p.m. Friday, the average price of gasoline across the country stood at two-thousand-49 won per liter, 12-point-eight won down from the previous day.

Compared to June 30, before the tax cut was expanded, the price is nearly 96 won lower.

The price of diesel also fell this week, by more than 27 won to just over two-thousand-123 won per liter.

As of 5 p.m. Friday, diesel cost two-thousand-99-point-seven won, 68 won less than June 30.

Both gas and diesel prices are expected to further decline. 

In line with global prices trending lower, oil refineries have cut their supply price tags by more than 100 won per liter. 

One industry official predicts the price of gasoline may even dip below two-thousand won next week.